VRX Silica to Divest Biranup Nickel-Gold Project

/in , /by

THE BOURSE WHISPERER: VRX Silica (ASX: VRX) has entered into a conditional agreement for the sale of its wholly-owned subsidiary company Ventnor Gold Pty Ltd, owner of the Biranup nickel and gold project in Western Australia.

VRX Silica reached the agreement with New Energy Metals Limited (NRG), an unlisted public company that is planning an Initial Public Offering (IPO) and subsequent ASX-listing later this year.

New Energy Metals is a nickel sulphide focused exploration company with exposure to the Albany Fraser Oregen and South West Yilgarn of WA with a proprietary nickel sulphide prospectivity database to generate further projects.

VRX Silica indicated that New Energy Metals will prioritise applications in the IPO from VRX Silica shareholders.

“We are delighted to have reached agreement with NRG on the terms for the sale of the Biranup project which will enable VRX Silica to share in any future exploration success,” VRX Silica managing director Bruce Maluish said in the company’s announcement to the Australian Securities Exchange.

“The Biranup project tenements have an extensive and comprehensive exploration data base that we have assembled and this will be a great starting point for NRG.

“This is an ideal outcome for VRX Silica and its shareholders as it will allow us to focus on the company’s stated aim of becoming a global supplier of high-quality silica sand.”

TO READ THE ANNOUNCEMENT IN FULL: CLICK HERE

 

Email: info@vrxsilica.com.au

 

Web: www.vrxsilica.com.au

 

 

Genesis Minerals to Acquire the Kookynie Gold Project

/in , /by

THE BOURSE WHISPERER: Genesis Minerals Limited (ASX: GMD) has entered into a binding agreement to acquire 100 per cent of the Kookynie gold project, located immediately south-east of the company’s 100 per cent-owned Ulysses gold project in Western Australia.

Genesis Minerals will part with $13.5 million to pick up the project, comprising a $3 million upfront cash and share payment with the full balance of $10.5 million due in six months, plus a one per cent net smelter royalty (NSR) capped at $5 million.

The tenement package includes a JORC 2012 Indicated and Inferred Mineral Resource of 8.53 million tonnes at 1.5 grams per tonne gold for 414,000 ounces.

This will take the total Mineral Resource of the Greater Ulysses project to 17 million tonnes at 2.34g/t gold for 1.28 million ounces, providing a strong foundation for the next stage of Genesis’ development as a future mid-tier Australian gold company.

“This is an acquisition which ticks every box for us from a strategic, corporate, geological and tactical perspective,” Genesis Minerals managing director Michael Fowler said in the company’s announcement to the Australian Securities Exchange.

“It provides the springboard for a significant re-boot of the Genesis story and puts us on a firm growth trajectory towards the establishment of a significant new standalone gold mining and processing operation at Ulysses.

“The acquisition consists of two distinct parts.

“The northern tenement package represents the immediate south-eastern extension of the Ulysses project, consolidating our ownership of this highly prospective gold corridor.

“It gives us an immediate opportunity to in-fill and extend the current Resources at the Admiral, Butterfly and Clark deposits – drawing on the geological IP we have developed on our neighbouring ground at Ulysses.

“We see enormous potential to extend the existing Resources down-dip, to find new high-grade lodes just as we did at Ulysses, and to make potential new discoveries and find parallel structures along strike.

“The package being acquired also offers vast regional exploration upside, including along the under-explored southern tenement package, providing us with a pipeline of both near-mine and regional exploration targets.”

Genesis Minerals indicated that for the remainder of CY2020, the company will be focusing on a combination of resource definition and expansion drilling to feed into a Feasibility Study on the development of a standalone gold operation at Ulysses, with ore to be sourced from a combination of known underground and open pit Resources.

Genesis is targeting completion of this Feasibility Study in the first quarter of CY2021.

 

 

Web: www.genesisminerals.com.au

 

RareX Boosts Company Coffers by Completing $2.3 Million Raising

/in , /by

THE BOURSE WHISPERER: RareX Limited (ASX: REE) has raised $2.3 million on the back of firm commitments from institutional and professional investor support for a share placement.

RareX will issue 46 million shares at 5 cents per share, with company directors chipping in to the tune of collectively subscribing for $200,000 worth of shares.

The shares to be issued to the Directors will be subject to shareholder approval at a meeting to be convened in due course.

RareX indicated the proceeds will further strengthen its balance sheet, placing it in an excellent position to progress the upcoming maiden drilling program at the company’s 100 per cent-owned Cummins Range rare earths project in the Kimberley region of Western Australia.

An upcoming drill program is to be the first drill program carried out at Cummins Range in almost a decade with the last drilling completed by previous ownership in 2011.

Elsewhere, RareX has exposure to an exciting ongoing exploration campaign via its 35 per cent free-carried interest in the Trundle copper-gold porphyry project in New South Wales, alongside Kincora Copper (65%).

The company also has 100 per cent interest in a highly prospective gold project near Orange in NSW known as Orange East, which is located within close proximity to the large McPhillamys gold mine owned by Regis Resources Limited.

Following completion of the Placement, RareX will hold cash and listed investments totalling $6.1 million, including its 9.65 per cent stake in TSX.V-listed Kincora Copper.

“We are delighted with the strong support received from investors as part of this capital raise, which reflects the quality of our assets and the exciting outlook for the company,” RareX chairman John Young said in the company’s announcement to the Australian Securities Exchange.

“RareX shareholders will have exposure to two quite different, but equally exciting, exploration campaigns over the coming weeks and months.

“Drilling is on track to commence next month at Cummins Range targeting extensions of our high-quality existing Resource as well as new satellite discoveries.

“Meanwhile, we are in the midst of a potentially game-changing drill program at the Trundle project in New South Wales, where the Kincora team have intersected significant porphyry mineralisation in the first two diamond drill holes.

“The third hole is in progress and we are eagerly awaiting further results, and assays, from this maiden drill program.”

 

 

Red 5 Exercises Acquisition Option Over Cables and Mission Deposits

/in , /by

THE BOURSE WHISPERER: Red 5 Limited (ASX: RED) has exercised an option to complete the acquisition of the Cables and Mission gold deposits in Western Australia.

Red 5 described the acquisition as strategic, given that the “bolt-on” deposits are located around ten kilometres north of the company’s Darlot gold mine.

Red 5 explained the acquisition forms part of a multi-strand strategy to expand the Darlot Mineral Resource base, which includes ongoing near-mine and regional exploration as well as consolidation of strategic opportunities.

Before completing the acquisition of the Cables and Mission deposits, Red 5 carried out due diligence and confirmatory Reverse Circulation (RC) drilling to validate historical drilling and determine the potential of the Cables and Mission deposits.

Confirmatory Reverse Circulation drilling by Red 5 confirmed the mineralisation with best intercepts of:

20MIRC0001
7 metres at 5.7 grams per tonne gold;

20MIRC0002
4m at 14.7g/t gold; and

20CBRC0003
5m at 3.7g/t gold.

The Cables and Mission transaction follows Red 5’s recently announced acquisition of the Great Western gold deposit.

“The acquisition of the Cables and Mission deposits represents another strategic low-risk opportunity to continue growing the company’s Resource base in the area surrounding the Darlot gold processing plant,” Red 5 managing director Mark Williams said in the company’s annooucnement to the Australian Securities Exchange.

“The acquisition includes a JORC 2004 Inferred Resource which we plan to upgrade to JORC 2012 compliance, while at the same time commencing exploration activities aimed at testing the broader potential of the tenements, which are located in close proximity to our existing Darlot operations.

“Significantly, the rock units hosting the Cables and Mission deposits are similar to those that host the Centenary orebody, which has been mined for many years from underground at Darlot.

“The Cables and Missions transaction follows the recent acquisition of the Great Western gold deposit, both of which are planned to provide additional sources of ore feed for the Darlot processing plant in the coming years.”

 

Email: info@red5limited.com

Web: www.red5limited.com

 

Middle Island Resources Raises $4M to Continue Advancement of Sandstone

/in , /by

THE BOURSE WHISPERER: Middle Island Resources (ASX: MDI) has received firm commitments to raise $4 million to conduct the next phase of exploration and resource drilling at the company’s 100 per cent- owned Sandstone gold project in Western Australia.

The raising comes on the back of Middle Island Resources’ 2020 Phase 1 RC drilling program, which identified four new gold deposits all located within 2.5 kilometres of the company’s 100 per cent-owned 600,000 tonnes per annum Sandstone gold processing plant.

McLaren: including drilling results of 4m at 90.6 grams per tonne gold and 8m at 3.35g/t gold.

McIntyre: including drilling results of 24m at 1.66g/t gold, 23m at 1.4g/t gold, 11m at 1.39g/t gold and 18m at 1.35g/t gold.

Old Town Well: including drilling results of 20m at 0.87g/t gold, 8m at 2.17g/t gold and 8m at 1.45g/t gold.

Plum Pudding: including drilling results of 11m at 22.5g/t gold, 17m at 8.16g/t gold, 12m at 3.52g/t gold, 8m at 6.98g/t gold, and new intercepts of 3m at 3.72g/t gold, 10m at 3.08g/t gold and 2m at 4.98g/t gold.

“Given the extraordinary success of the 2020 drilling campaign to date, proceeds of the equity raising will allow the company to embark on a, necessarily substantially expanded, Phase 2 drilling campaign of at least 13,000 metres of RC and diamond drilling to infill and extend new, supplementary deposits identified at the Sandstone gold project and complete the project’s pre-feasibility study,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

Middle Island indicated the he proceeds from the placement and existing cash reserves will be used to undertake the next phase of exploration and resource drilling at the Sandstone gold project and feasibility study.

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au

 

RareX Retains 100% of Orange East Gold Project

/in , /by

THE BOURSE WHISPERER: RareX Limited (ASX: REE) has retained 100 per cent-ownership of the Orange East gold project from Alkane Resources.

The Orange East gold project is located near the advanced McPhillamys gold project of Regis Resources in New South Wales.

RareX entered into a farm-out agreement with Alkane in 2015 after McPhillamys was discovered by the Newmont-Alkane JV.

Under the agreement, Alkane had the right to earn up to a 60 per cent interest in the tenement, for which Alkane was in the process of negotiating a final access agreement with land-holders when it discovered the Boda copper-gold deposit and decided to focus its attention there.

Subsequently, Alkane has now returned the tenement to RareX as required under the terms of the farm-out agreement, meaning that RareX retains 100 per cent-ownership.

“The Orange East gold project area has strong geological and geochemical similarities to the McPhillamys project, being located just 15km north-northwest along strike,” RareX said in its ASX announcement.

“The project is located on the eastern margin of the Molong Volcanic Belt with much of the tenement hosting the Mullions Range Imbricate Thrust Zone (MRIZ).

“The regionally significant Godolphin-Copperhannia Thrust Fault zone (GCFZ) traverses through the centre of the tenement and host dozens of historical copper-gold workings.

“An initial geological review of the Orange East gold project has identified several advanced prospects, with the Gunnarbee prospect in particular showing particularly striking similarities to the McPhillamys deposit.”

 

Web: www.rarex.com.au

 

Apollo Consolidated to Divest Northern Cote d’Ivoire Interests

/in , /by

THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) is soon to be $7 million richer having agreed conditional terms for the proposed sale of its 20 per cent interests in Exore Resources’ (ASX: ERX) Bagoe and Liberty projects in northern Cote d’Ivoire to Ibaera Capital Fund LP.

Under the terms of the proposed sale, Apollo will receive consideration of US$4.5 million ($7M at the current exchange rate) in cash upon completion of the transaction.

The sale is subject to Exore not exercising its pre-emptive rights under the terms of the existing Joint Venture agreement or waiving those rights during a 30-day pre-emption period.

If this condition is satisfied, completion will occur within 15 business days after in-country approvals have been received and the relevant registration process has taken place.

“We consider this an attractive opportunity to realise the somewhat hidden value of this asset,” Apollo Consolidated managing director Nick Castleden said in the company’s announcement to the Australian Securities Exchange.

“Our previous decisions to focus on building value at Rebecca have been supported by strong subsequent results, and in our view this represents an attractive premium relative to the value of the interests inferred from recent ERX share price trading values.

“We welcome the additional non-dilutionary funding that, on completion, would bring our cash position to well over $20 million.

“Importantly we still retain the valuable 1.2 per cent royalty over the advanced Seguela project in central Cote d’Ivoire, which is the subject of a recently announced Preliminary Economic Assessment on its one million ounces Mineral Resource by owner and operator Roxgold Inc (TSX: ROXG).”

 

Email: info@apolloconsolidated.com.au

Web: www.apolloconsolidated.com.au

 

Auteco Minerals Raises Dosh to Drill Pickle Crow

/in , /by

THE BOURSE WHISPERER: Auteco Minerals (ASX: AUT) completed a $5.1 million raising, enabling it to commence exploration at the company’s Pickle Crow gold project in the Uchi sub-province of Ontario, Canada.

Auteco Minerals said the placement of approximately 1456 million shares at 3.5 cents per share was underpinned by new leading domestic and international institutions and Auteco’s existing institutional and sophisticated shareholders.

The company indicated the proceeds of the placement will fund a maiden drilling campaign at Pickle Crow that is intended to include 5,000m of drilling to test high potential immediate walk up targets, regionally and in the mine surrounds.

Auteco identified multiple shallow high-grade gold targets outside of the core mine trend during a data review, which are to be a focus of the campaign.

Auteco said it expects to complete a JORC complaint Resource in Q2 2020 which will incorporate the extensive geological review of the Pickle Crow gold project undertaken by Auteco, focusing on the high-grade and underground mineable resource areas.

“We are very pleased to announce the successful commitments for a very well supported placement to raise $5.1 million,” Auteco Minerals executive chairman Ray Shorrocks said in the company’s announcement to the Australian Securities Exchange.

“The strong interest shown by leading institutional investors is a huge endorsement of the Pickle Crow gold project and the current gold market environment.

“The proceeds raised enable us to begin our maiden drilling program at Pickle Crow, where we will initially be focusing on high-grade gold targets.

“We look forward to releasing these assay results as received.

“In addition, we are expecting to release a JORC 2012 compliant resource during this calendar quarter.”

 

Email: info@autecominerals.com.au

Web: www.autecominerals.com.au

 

De Grey Mining Packs in $31.2M Raising

/in , /by

THE BOURSE WHISPERER: De Grey Mining (ASX: DEG) showed everybody how it’s done by announcing a raising of $31.2 million.

De Grey Mining made the announcement on the back of firm commitments received for the placement of approximately 111.4 million shares at a price of 28 cents per share to sophisticated, professional and other exempt investor clients of Bell Potter Securities Limited and Argonaut Securities Pty Ltd.

The company indicated it intends using the funds raised to continue exploration activities across the Mallina gold project, with a priority of work associated with determining the scale of the recently-discovered Hemi deposit, as well as for ongoing administration and corporate costs.

De Grey currently has two diamond rigs and one RC rig in operation at Hemi.

The new funds will allow resource drilling to continue at Hemi and also the recommencement of regional drilling programs targeting the other four intrusion targets at Scooby, Antwerp, Alectroenas and Shaggy.

Since announcing the Hemi discovery on 6 February this year, the company has been flooded with offers to assist in a capital raising or direct investment,” De Grey Mining executive chairman Simon Lill said in the company’s announcement to the Australian Securities Exchange.

“We recognised the opportunity to secure further funding and to build a strong register to assist with funding requirements into the future through the introduction of global blue chip gold only and resource funds.

“We chose to proceed with the Capital Raising once we were comfortable with the level of interest and are now extremely pleased to advise that many of the world’s top funds in this sector have joined our register.

“This is an extremely strong validation as to the quality of De Grey’s Hemi discovery and the Mallina gold project and to that end I would like to congratulate and thank the technical and support staff who have been part of making this possible.

“The recent Hemi discovery also highlights the outstanding exploration potential De Grey has across our tenements, with the market also now giving recognition to our existing 2.2 million ounces of resources.

“We thank the brokers, Bell Potter and Argonaut, for their efforts with this important raising, as well the ongoing support of our major shareholder, DGO Gold Limited.

“De Grey is now well funded to continue its exploration programs into the foreseeable future.”

 

Email: admin@degreymining.com.au

Web: www.degreymining.com.au

 

Galan Lithium Makes Strategic Argentinian Land Acquisition

/in , /by

THE BOURSE WHISPERER: Galan Lithium (ASX: GLN) increased its land tenure at the company’s Hombre Muerto West (HMW) project in Catamarca, Argentina.

Galan Lithium has acquired a 100 per cent interest in the Deceo III tenement, located at the Hombre Muerto salar, under a new re-negotiated agreement, under which it will pay US$30,000 to the vendors.

“This strategic 100 per cent project acquisition by Galan evidences our intentions to consolidate a significant continuous ground holding (currently ~14km) at HMW,” Galan Lithium managing director JP Vargas de la Vega said in the company’s announcement to the Australian Securities Exchange.

“Moreover, we are of the conviction that Candelas and HMW could become low-cost, profitable lithium producing projects, even at today’s lithium prices.

“Both of these 100 per cent-owned Galan projects have a solid resource base of high-grade lithium and low impurity levels in the best-known lithium producing region in Argentina.

“We are confident Deceo III will increase our lithium inventory given our previous work and the short distance to the drill hole Galan completed at Pata Pila.

‘Despite the constrains of the current COVID-19 pandemic, we continue to advance all the conceptual models of our Scoping and Pre-Feasibility Studies.

“We have commenced preparations to undertake additional laboratory test work to process our brine into battery grade lithium carbonate once the restrictions are lifted in Argentina and Chile.”

 

Web: www.galanlithium.com.au